My husband and I are purchasing a 1 bedroom apartment in Stanmore with a mortgage. We have a Stanmore solicitor, but the bank says she’s not on their "panel". We have to appoint one of the lender panel firms or retain our Stanmore property lawyer as well as pay for one of their panel ones to represent them. We regard this is unjust; are we not able to require that the mortgage company use our Stanmore conveyancing practitioner ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Stanmore conveyancing lawyer to apply to be on the conveyancing panel.
We note that you have a search directory identifying firms on the Coventry BS conveyancing panel. Do firms pay you a commission if I retain them for our own conveyancing in Stanmore?
We are a listing service only for law firms wishing to communicate if they are on the Coventry BS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Stanmore.
My uncle informed me that in buying a property in Stanmore there could be a number of restrictions preventing external alterations to a property. Is this right?
There are a number of properties in Stanmore which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Stanmore should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
When it comes to mortgage companies such as Yorkshire BS, do Stanmore solicitors face a yearly amount to be on the conveyancing panel?
We are not aware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Does a directory service exist listing Nottingham panel conveyancers in Stanmore on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. Very few mortgage companies make their panel listings viewable online. Where you are in need of a Stanmore property lawyer on the Nottingham please use our tool.
I decided to have a survey carried out on a property in Stanmore ahead of retaining lawyers. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies will refuse to issue a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. Should you wish to telephone us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Stanmore. Conveyancing may be slightly more expensive based on your lender's requirements.
I am employed by a long established estate agency in Stanmore where we see a few leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Stanmore conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I have had difficulty in trying to purchase the freehold in Stanmore. Can this matter be resolved via the Leasehold Valuation Tribunal?
Absolutely. We are happy to put you in touch with a Stanmore conveyancing firm who can help.
An example of a Lease Extension case for a Stanmore residence is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case affected 1 flat. The unexpired lease term was 70.25 years.
I am looking for Stanmore online conveyancing estimates. Can I be confident that all the Stanmore law firms that are identified on your directory are on the bank conveyancing panel?
The law firms on our directory have assured us via an online form that they are on the lender panel and agreed to advise us to take down their listing in the event of removal off of the mortgage company panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Stanmore conveyancing solicitor being on the mortgage company conveyancing panel is not accurate.